Optimal Robotics Corp.
Consolidated Statements of Operations
(stated in United States dollars, unless otherwise noted)
Three months Three months
Year ended Year ended ended ended
December 31, December 31, December 31, December 31,
1999 1998 1999 1998
---- ---- ---- ----
(unaudited)
Income Statement Data:
(Canadian GAAP)
Revenues $ 29,634,246 $5,618,013 $6,834,636 $1,674,516
Cost of Sales 23,457,413 5,135,077 5,449,836 1,715,285
-----------------------------------------------------
Gross Margin 6,176,833 482,936 1,384,800 (40,769)
-----------------------------------------------------
Research and development,
net of tax
credits 219,956 210,374 (257,448) 67,821
Selling, general,
administrative
and other
expenses 5,677,302 5,059,203 2,215,638 1,114,618
Write-down
of inventory 604,364 -- 604,364 --
Amortization
of capital
assets 344,718 205,684 122,231 103,260
Investment
income (893,694) (449,244) (344,410) (88,762)
Foreign exchange
loss (gain) 104,002 (632,317) 198,004 (96,419)
-----------------------------------------------------
6,056,648 4,393,700 2,538,379 1,100,518
-----------------------------------------------------
Earnings(loss)
before income
taxes 120,185 (3,910,764) (1,153,579) (1,141,287)
Income tax
recovery 3,531,583 -- 3,531,583 --
------------------------------------------------------
Net earnings
(loss) for
the year $ 3,651,768 $(3,910,764) $ 2,378,004 $(1,141,287)
-----------------------------------------------------
Weighted
average number of
common shares
outstanding 9,699,385 7,463,984 11,144,577 7,477,289
-----------------------------------------------------
Weighted average
fully-diluted
number of
common shares 12,708,533 -- 13,993,815 --
-----------------------------------------------------
Basic net
earnings(loss)
per common share $ 0.38 $ (0.52) $0.21 $(0.15)
-----------------------------------------------------
Fully-diluted
net earnings
(loss) per
common share $ 0.35 $ (0.52) $ 0.18 $ (0.15)
-----------------------------------------------------
Optimal Robotics Corp.
Consolidated Balance Sheets
(stated in United States dollars, unless otherwise noted)
December 31, December 31,
1999 1998
---- ----
Assets
Current assets
Cash $ 3,934,243 $ --
U.S. Treasury bill, at cost 564,841 538,490
Short-term investments 24,636,606 5,524,819
Accounts receivable,
net of allowance for
doubtful accounts of nil 4,641,566 1,219,716
Inventory 3,363,943 1,401,049
Tax credits receivable 252,520 114,494
Future income taxes 3,012,997 --
Prepaid expenses 127,017 2,935
---------------- ----------------
40,533,733 8,801,503
Loans receivable 155,643 161,807
Deferred share issue costs 56,985 --
Future income taxes 2,112,028 --
Capital assets 1,347,903 365,869
---------------- ----------------
$ 44,206,292 $ 9,329,179
---------------- ----------------
Liabilities
Current liabilities
Accounts payable and
accrued liabilities $ 3,659,189 $ 1,233,014
Deferred revenue 592,271 124,784
Current portion of
contract advance 250,000 125,000
---------------- ----------------
4,501,460 1,482,798
Contract advance -- 250,000
---------------- ----------------
4,501,460 1,732,798
---------------- ----------------
Shareholders' Equity
Share capital 44,657,833 16,850,531
Other capital 20,559 23,240
Cumulative translation adjustment 652,062 --
Deficit (5,625,622) (9,277,390)
---------------- ----------------
39,704,832 7,596,381
---------------- ----------------
$ 44,206,292 $ 9,329,179
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